EBRD revises 2017 growth forecast for Kazakhstan

09.11.2017 10:03 1045

This year, the European Bank for Reconstruction and Development (EBRD) has revised Kazakhstan’s economic growth rate to 3.8%. According to the revised forecast, the republic’s economy will be raised by 3.5% in 2018. The key factors of the assessment are the volume increase in oil production, favorable prices for hydrocarbons, and recovery of growth in real incomes as well as growth in construction, agriculture and transport sector. The National Bank of Kazakhstan predicts that inflation rate will remain 6-8%. The EBRD monitors the economic development of 37 different countries with emerging markets. International businessmen pay attention to the active development of the Kazakh economy. According to the financial institution, this year the net inflow of foreign direct investment amounted to US$3.3 billion. Polish financial analyst Robert Zmeiko calls Astana a place of big ideas, trade and economic ties.

ROBERT ZMEIKO, POLISH FINANCIAL ANALYST:

- For instance, with the help of an international financial center in Kazakhstan, companies will be able to enter the Asian market and conduct their business there. We as a financial institution analyze different areas and conclude that Kazakhstan has great potential. International businessmen open enterprises, build factories and this, of course, will lead to economic growth ofKazakhstan.

The increase of exports confirm Kazakhstan's economic growth and competitiveness of goods produced in Kazakhstan. During the 9 months of this year the country exported goods worth over US$35 billion. This figure is higher 31% comparing to the same period last year, according to data published by the country’s central bank. According to the regulator, the prices for oil and gas condensate exports have risen 36.6%, ferrous and non-ferrous metals exports have grown 59% and 21%, respectively.